The European Union was formed because integration was seen by many as an escape from the extreme forms of nationalism which had devastated the continent. the EU is made up of European Communities. These communities are the EURTOM, the ECSC, the EEC, the EPC, the WEU, the JHA, the CFSP, the EC, and the PJCC. The EU has a single economic market across the territory of all its countries. It generated a nominal gross domestic product (GDP),or measures of national income and input for a given country's economy, of $16.83 trillion dollars (in U.S. money) in 2007, amounting to 31% of the world's total economic output, so it's the largest economy in the world. The second biggest trade bloc,or a non-tarrif barrior country, economy in the world by PPP (purchasing power parity) valuation of GDP. Also it's the biggest exporter of goods, the second biggest importer, and the biggest trading partner to many big countries. The euro is the offical money of some of the EU countries, only 16 out of 27 countries use this money. These countries include Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain.
Italy is member of the European Union and became a part of the EU on March 25 1957. It was also a founding member. Italy is a republic place and part of it's single market. It is a country that uses the Euro. It's main economic strength is its large base of small and medium sized companies. Italy has much tourism and it is the 5th major tourist destination in the world. Italy has inefficient bureaucracy, relatively low property rights and high levels of corruption (compared to other European countries), heavy taxes, and heavy public consumption at around half of GDP (gross domestic product). Italy will improve over long-term growth, such as lightening the high tax and overhauling Italy's rigid labour market. But Italy's fear in the EU is going to war.
Italy is member of the European Union and became a part of the EU on March 25 1957. It was also a founding member. Italy is a republic place and part of it's single market. It is a country that uses the Euro. It's main economic strength is its large base of small and medium sized companies. Italy has much tourism and it is the 5th major tourist destination in the world. Italy has inefficient bureaucracy, relatively low property rights and high levels of corruption (compared to other European countries), heavy taxes, and heavy public consumption at around half of GDP (gross domestic product). Italy will improve over long-term growth, such as lightening the high tax and overhauling Italy's rigid labour market. But Italy's fear in the EU is going to war.